2005 (10) TMI 39

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....come-tax Appellate Tribunal in W.T.A. No. 56/Mds/96, dated March 15, 2004. The Revenue is the appellant in the above appeal. The assessment year involved is 1988-1989. The assessee is the owner of the land at No. 476, Anna Salai, Chennai, to the extent of 24.5 grounds. The case of the Revenue is that the assessee declared the value of the property in the wealth-tax return for less than 70% of th....

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.... was justified in deleting the penalty levied by the Assessing Officer under section 18(1)(c) of the Wealth-tax Act?" While considering a similar question, the Gujarat High Court in the decision CWT v. Hasmukhlal Gandalal [2003] 264 ITR 42, held that the penalty can be imposed only when the Revenue comes to the conclusion that the assessee had a male fide intention and that as to whether the asse....